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Global oil prices briefly surged to $100 per barrel after fresh attacks on cargo vessels in the Gulf heightened fears of supply disruptions.
The spike came despite an agreement by 32 countries to release 400 million barrels of oil from strategic reserves in an attempt to stabilise global markets.
In the latest incidents, two oil tankers were struck by an unknown projectile near Iraq, while a container ship was also hit near the United Arab Emirates. The attacks have intensified concerns about the safety of shipping routes in the region.
Reacting to the surge in prices, Donald Trump said the situation would stabilise, insisting that oil prices would eventually decline.
Meanwhile, violence across the Middle East continues to escalate. New Israeli airstrikes in Beirut reportedly killed several people, including at least eight in the city’s seafront area. Iranian attacks have also been reported in parts of the region, including Bahrain and Oman, while a high-rise building in Dubai was hit by what is believed to be a drone strike.
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